Suspension of GST Registration Revoked Pending Enquiry into Alleged Non-Supply Summary in Key Points: Show Cause Notice: The assessee received a show cause notice proposing cancellation of their GST registration for allegedly issuing invoices without supplying goods or services. Assessee’s Response: The assessee replied, asserting compliance with GST laws, regular tax payments, and no fraudulent… Read More »
GST Registration Cancellation Quashed Due to Flawed Appellate Order Despite Evidence of Business Operations Summary in Key Points: Cancellation of Registration: The petitioner’s GST registration was canceled due to alleged non-business activity at the declared place and issuance of invoices without supply, leading to inadmissible Input Tax Credit (ITC). Revocation Rejected: The petitioner’s attempt to… Read More »
Solar Power Plant Supply Classified as Composite Supply, Not Works Contract, Attracting Lower GST Rate Summary in Key Points: Dispute over GST Rate: The assessee, involved in setting up solar power plants, paid GST at 5% but faced a demand for 18% under the classification of ‘works contract.’ Composite Supply Argument: The assessee contended that… Read More »
Online Rummy Declared Game of Skill: GST Implications Stayed Pending Final Hearing Summary in Key Points: Games of Skill vs. Chance: The High Court has held that online/offline rummy games, played with or without stakes, are primarily games of skill and not chance. GST Implications: As games of skill, they fall outside the scope of… Read More »
RBI directs banks to use only ‘1600xx’ phone numbering series for transactional purposes to prevent financial fraud RBI/2024-25/105 CEPD.CO.OBD.No.S1270/50-01-001/2024-25 January 17, 2025 Chairman/Managing Director/CEOs All Commercial Banks (including Regional Rural Banks, Small Finance Banks, Payment Banks, and Local Area Banks) All Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks All Prepaid Payment… Read More »
RBI directs banks to ensure nominations for accounts and lockers RBI/2024-25/104 Ref.No.DoS.CO.PPG/SEC.13/11.01.005/2024-25 January 17, 2025 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) All Primary (Urban) Co-operative Banks All Deposit Taking NBFCs (Excluding HFCs) [Supervised Entities (SEs)] Madam / Dear Sir Coverage of customers under the nomination facility… Read More »
6 Important Case Law in Income Tax 20.01.25 Sr No Case Law Brief Summary Relevant Act Section 1 Sanjay Ratra v. Assistant Commissioner of Income-tax Click here Reopening of Assessment Justified for Unexamined Cash Credit and Credit Card Transactions based on New Information Income-tax Act, 1961 Section 68 2 Trigeo Image Systems (P.) Ltd. v.… Read More »
Reopening of Assessment Justified based on New Information for Unexamined Cash Credit and Credit Card Transactions Summary in Key Points: The Issue: Whether the Assessing Officer (AO) was justified in reopening the assessment based on information received after the original assessment was completed. Facts: The assessee’s original return was accepted, and an assessment order was… Read More »
Section 10A Exemption allowed if RBI given ex-post facto Approval for Export Proceeds Realization Summary in Key Points: The Issue: Whether an assessee is entitled to an exemption under Section 10A of the Income-tax Act, 1961, when the Reserve Bank of India (RBI) grants ex-post facto approval for the realization of export proceeds beyond the… Read More »
Objections ALLOWED Under Sections 264 and 246A of the Income Tax Act, 1961, Even if Not Raised During Original Assessment Proceedings summary in Key Points: The assessee and his wife jointly purchased a property and later sold it. The Assessing Officer (AO) calculated capital gains based on the difference between the sale deed value and… Read More »